Brick and Mortar Banks Need to Build on Their Strengths
An article I read today comparing the pros and cons of traditional brick and mortar banks vs. online banks got me thinking. The upshot of the article is that traditional banks offer personalized service, human contact, and a strong ATM network, but poorer rates on loans and savings accounts, as compared with online banks. I realized that behind those conclusions lies a real problem.
When the bank needs you, like when you open a checking or savings account, they’re there for you. After all, they want you to deposit your money so they can lend it out to someone else with interest. But when you need them, where are they? What happens? Are they there for you when you have to raise a dispute? Are their processes streamlined? Is the system they have in place to investigate, audit and track your case objective and seamless? Are you satisfied?